Indian battery startup Log9 has raised $40 million through a mix of equity and debt in a Series B funding round led by Amara Raja Batteries and Petronas Ventures.
Founded in 2015 by Dr Akshay Singhal, Kartik Hajela and Pankaj Sharma, Log9 has been a local frontrunner in meeting India's growing aspirations in the Energy and Mobility space through its cutting-edge innovation.
As the only Indian company today that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs, Log9's range of batteries promises to charge 9 times faster, last 9 times longer and offer 9 times higher performance and safety.
The fund raised will be utilized "to grow the battery manufacturing capabilities to a 2 GWH capacity by the end of 2024 and commission India's first fully integrated lithium-ion cell production line", according to Akshay Singhal, founder and CEO adding that the company will aggressively pursue pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt.
The company also says it plans to catalyse the Indian EV Sector, by investing a part of the raised funds into budding start-ups that are solving challenges related to charging infrastructure, technology ancillaries and companies fighting climate change at large.
Other investors that participated in the round include; Incred Financial Services Private, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors.